Investment Banking - Columbia Financial, Inc.
Transactions | Banking
Client: Columbia Financial, Inc.
Transaction Type: Mergers & Acquisitions
Role: Buy-Side Advisor
- Columbia Financial, Inc. (“CLBK”) is a corporation organized a mid-tier stock holding company for Columbia Bank. CLBK. is a majority-owned subsidiary of Columbia Bank, MHC. Columbia Bank is a federally chartered savings bank headquartered in Fair Lawn, New Jersey. Columbia Bank offers traditional financial services to consumers and businesses in its market areas. As of March 31, 2019, CLBK had total assets of $6.7 billion, $4.9 million in loans, and operates 50 branches with $4.4 billion in deposits.
- Stewardship Financial Corporation (“SSFN”) is a one-bank holding company headquartered in Midland Park, New Jersey. Through its banking subsidiary, Atlantic Stewardship Bank, it serves its customers and communities through 12 full-service locations in Bergen, Passaic and Morris counties. SSFN had approximately $961 million in assets, $739 million in loans, $784 million in deposits and $82 million in common equity as of March 31, 2019.
- CLBK will acquire all of the outstanding shares of common stock of SSFN in exchange for cash in the amount of $15.75 per share. The aggregate consideration in the transaction is approximately $137 million. This deal value equates to approximately 166.8% of SSFN’s tangible book value at March 31, 2019 and 17x SSFN’s trailing twelve-month net income through March 31, 2019.
- The transaction is expected to close in the fourth quarter of 2019.
- Boenning is serving as financial advisor and rendered a fairness opinion to CLBK.